Amortization Schedule Cost vs Value

I would like to know if I would use the cost (amount paid) or the value (blue book) for the amortization schedule for fixed assets.

You are going to draw up your amortization schedule based on the values used to record the capital asset in your G/L.

Assuming you are a small privately owned business, the easiest and least complicated way to record the value of your capital assets and amortize them is to stick with the original cost method.

Under the new GAAP standard for private enterprises (ASPE), you do have the option to value your assets using fair market value (FMV) but I wouldn't recommend this unless you or your accountant have a specific reason for wanting to do so.

Check out the GAAP update on plant, property and equipment here.